Market Research: Living in the Real World of Business Depends on Comments from the Real World
Market Research: Living in the Real World of Business Depends on Comments from the Real World
Gerry's friend laughs at him and reminds Gerry that he had told him weeks ago that the affair would end without Gerry having to do anything. Gerry's friend asks him, "Do you want my opinion?" Gerry replies, "Am I going to like it?" With a chuckle, his friend responds with, "No. It's based on reality."
How often are you asked questions and you already know the answer that you are expected to give? It's like when your spouse or your friend asks, "Does this make me look fat?" There's no good answer. And the answer based in reality, is the one that shouldn't be given.
In business, however, we need to listen to reason and reality. Reason and reality have a habit of destroying dreams. This is why market research leaves a bad taste in many mouths. Market research can reveal that there is no market for a new business or a new service. Market research therefore is a destroyer of dreams. What people don't understand is that it's sometimes better to lose your dreams than it is to lose your money.
Market research starts with a premise. Data is gathered and documented to prove or disprove the premise. Once the premise is proved or disproved, you draw conclusions. For example, you might start with a premise that your eight year old daughter's idea of a new line of purses made with ultra soft opossum fur and a built-in pocket would be successful. You might run several surveys and focus groups showing off the new line of "Possum Purses." If the data gathered from the surveys and focus groups shows that 94% of those involved hated the marsupial purses, then your conclusion would be that "Possum Purses" would not be a successful venture. Crushing your daughter's early fashion career is probably not the conclusion you were looking for.
Business should always be run on reason and reality. Realty hurts, but losing money hurts even more.
Market Research Living in the Real World of Business Depends on Comments from the Real World - To learn more about this author, visit Don Doman's Website.
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In the feature film Sliding Doors, I found myself fascinated by a conversation between two friends. Gerry had just been discovered by his girl friend as he was having an affair in their bedroom.
Gerry's friend laughs at him and reminds Gerry that he had told him weeks ago that the affair would end without Gerry having to do anything. Gerry's friend asks him, "Do you want my opinion?" Gerry replies, "Am I going to like it?" With a chuckle, his friend responds with, "No. It's based on reality."
How often are you asked questions and you already know the answer that you are expected to give? It's like when your spouse or your friend asks, "Does this make me look fat?" There's no good answer. And the answer based in reality, is the one that shouldn't be given.
In business, however, we need to listen to reason and reality. Reason and reality have a habit of destroying dreams. This is why market research leaves a bad taste in many mouths. Market research can reveal that there is no market for a new business or a new service. Market research therefore is a destroyer of dreams. What people don't understand is that it's sometimes better to lose your dreams than it is to lose your money.
Market research starts with a premise. Data is gathered and documented to prove or disprove the premise. Once the premise is proved or disproved, you draw conclusions. For example, you might start with a premise that your eight year old daughter's idea of a new line of purses made with ultra soft opossum fur and a built-in pocket would be successful. You might run several surveys and focus groups showing off the new line of "Possum Purses." If the data gathered from the surveys and focus groups shows that 94% of those involved hated the marsupial purses, then your conclusion would be that "Possum Purses" would not be a successful venture. Crushing your daughter's early fashion career is probably not the conclusion you were looking for.
Business should always be run on reason and reality. Realty hurts, but losing money hurts even more.
Market Research Living in the Real World of Business Depends on Comments from the Real World - To learn more about this author, visit Don Doman's Website.
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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As an independent film producer, his upstart film fund Aliquot Films is currently producing a films with Spike Lee and Abel Fererra (starring Ethan Hawke and Dennis Hopper.)
Jay's entrepreneurial spirit is irrepressible. He’s the owner of five companies, a professional speaker and trainer, international real estate developer/investor, extreme sport enthusiast and emerging philanthropist. Jay resides in NYC with his wife Jamie, son Milo and dog Cooper. Visit Jay's official website: www.JayKubassek.com - Visit Jay Kubassek's Website |
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